Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions his Department has had with the (a) Financial Conduct Authority, (b) Payment Systems Regulator and (c) industry stakeholders on a minimum service guarantee for cash; and when he plans to bring forward legislative proposals on protecting access to cash.

The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator and Bank of England, including through the Treasury-chaired Joint Authorities Cash Strategy Group – whilst designing legislation.

To inform the development of this legislation, the Government published a Call for Evidence on 15 October seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system. As set out in the Call for Evidence, the Government considers that there may be benefit in giving a single authority overall responsibility for setting requirements to ensure that the retail distribution of cash meets the needs of consumers and businesses. The government’s view is that the FCA may be well positioned to take on the function through legislation.